Monday, May 24, 2010

Former California Accountant Sentenced In $50 Million Ponzi Scheme Case

Roberto Heckscher, 56, of San Mateo, California, was sentenced to 20 years in prison for running a $50 million Ponzi-type fraud scheme that bilked investors out of as much as $50 million over a three decade period. Heckscher pleaded guilty last October to one count of mail fraud. He was also ordered to pay full restitution to his victims. In a prepared statement made to the court, Heckscher said he had started the scheme in 1979 after suffering big stock market losses and was never able to pull himself out of the hole he created. The scheme fell apart last June after he ran out of money and could not recruit any new investors. Heckscher was the owner of Irving Bookkeeping and Taxes in San Francisco and promised investors returns of as much as 13 percent returns on commercial loans. According to reports, Heckscher attempted suicide by overdosing on pills after his scheme unravelled. Heckscher is reportedly a big gambler.

Read the story here, here and here.

No comments: